Car Loan

Car Loan

Applying car loan to buy a car is a good choice. And some of the expenses due to work can be applied for tax deductible. You can drive your car in advance without paying much every month.

FAQs

Q1 Who can apply a car loan?

Australian citizen (citizen), Australian permanent resident (PR), and specific work visa person.

Q2 What materials are needed for car loan?

If you were a employee, you only need to provide 100 points of identification documents, the latest two pay slips. If there is a property, provide Council rates.

If you were self-employed, you can provide a proof of income with the accountant signature as long as the ABN is more than 12 months.

Q3 What is the interest rate of Australian car loans?

In terms of risks and quotas, car loans are small loans, and car loan interest rates are rarely lower than the current home loan interest rate. Moreover, the interest rate of car loans varies according to individual circumstances, and there is also a large gap. Many dealers sometimes use ultra-low interest rate or even zero interest rates to attract consumers. In fact, the premise of getting low interest rates is that the price of the car cannot be negotiated.

Q4 Does car loan have a minimum credit and repayment period?

The minimum application amount for a car loan is 10,000 Australian dollars. The repayment period is at least 1 year and the maximum is 7 years. Customers can choose the repayment period according to their own circumstances.

Q5 Does repayment method must be principal and interest?

Unlike real estate, for cars, the longer you drive, the lower the value it will be, so the bank will not allow customers to take the method of interest only. While the bank will have a calculation method, for example, three or five years later, when the car has one remaining value, The principal with the same residual value can be repaid after the loan period ends. This can alleviate the pressure on customers to repay.